Hongkong & Shanghai Banking Corp. said in a report over the weekend while inflation continued to ease, risks remained that could put rate hikes back on the table.
HSBC said to some extent, the growth cooling in the second quarter might also support macroeconomic stability and domestic balance. It said the national saving rate had not normalized to pre-pandemic levels, while investment continued to be robust. It said since its baseline view is for the Fed to cut interest rate in the second quarter of 2024, “we expect the BSP to begin its easing cycle in 3Q 2024.”The gross domestic product grew 4.3 percent in the second quarter, slower than 7.5 percent a year ago, amid the uncertain global environment highlighted by elevated inflation and higher interest rates.
Source: Loan Digest (loandigest.net)
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